Bitcoin is already running up to 80% since 2024, started at $42.175 in 1 January 2024 and broke the previous “All Time High” in March 2024 when the price went rising to $73.800. The market started to push Bitcoin price in February until March, over 50% just in two months. After reaching the new all time high, the Bitcoin price has been consolidated since March. The price goes ranging between $53.000 to $73.000 until today. Some traders are still waiting to the end of choppy phase in this market situation.
Bitcoin Monthly Returns. Source : Coinglass
Over $150 Million in Liquidations
According to Coinglass data per 4 September 2024, over $150 millions already liquidated just in the past 24 hours, almost $200M as we can see to the picture below. Most of them are those who betting on the crypto market’s upside, we can called it as a Long Traders. This data indicated that increased selling pressure has driven the crypto market valuation lower today.
Total 24hrs crypto liquidation. Source : Coinglass
Meanwhile the funding rates of most top coins today, including Bitcoin and Ethereum are still positive. This is indicating that most of traders are bullish of this market, as they are still maintaining their long positions.
Crypto’s funding rate heatmap. Source : Coinglass
Market Structure Leading to a Deeper Correction
Bitcoin price has been very choppy between March until September 2024. From the technical standpoint, September’s crypto market declines are just a part of correction inside the descending broadening wedge pattern. We can see to the picture of Bitcoin chart below, it is possible the price could go lower to $50.000 support area over the next few weeks.
As long Bitcoin could maintain the price inside the pattern, a rebound and break above $60.000 could likely push the Bitcoin price to the upper trendline which is around $67.000.
Bitcoin Daily Price. Source : TradingView
